However, Ratan Tata will continue on the Board of Tata Power till his retirement in December 2012.
Mr Mistry was inducted on the board of Tata Motor on December 23, 2011 . He also served the position on the board of Tata Power earlier for 10 years.
He served as a Director of Tata Sons since 2006 and was also appointed as Deputy Chairman of Tata Sons in November 2011.
The major Tata companies are Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Taj Hotels.
Shares of the company on Thursday closed at Rs 101, lower by 2.12% on BSE.